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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Anyone knows the list of each Category?

Anyone knows the list of each Category?

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1Anyone knows the list of each Category? Empty Anyone knows the list of each Category? Sat Jan 18, 2014 7:59 pm

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lanka bank, non-bank lender merger path outlined

Jan 18, 2014 (LBO) - Sri Lanka's banks and well managed larger non-bank lenders will be encouraged to swallow up to three second tier firms with tax breaks and cheaper financing, a plan released by the banking regulator said.

A presentation by Sri Lanka's Central Bank Governor Nivard Cabraal made to the financial industry has asked identified 19 non-bank lenders called finance companies as 'category A' which are compliant with regulations and has capital of more than a billion rupees and assets of over 8.0 billion rupees.

But 38 others identified as category 'B' fell short of the requirements. Another category 'C' firm was under a court restraint.

Non bank lenders in the same business group will have to submit a merger plan by March 31, and complete it by June 30.

Banks and 'Category A' firms were expected to absorb between 1 to 3 'B' firms, and smaller 'Category B' could also merge among themselves to reach assets of 8 billion rupees and capital of a billion rupees.

Category 'A' firms will be given time until March 31 "to identify partners of their choice" from among 'B' firms, the presentation said.

Matching funds will be given from a liquidity support for 'A' firms and banks to make up for any capital deficiency. Acquisition costs would be made tax deductible as already said in a budget for 2014 by the finance minister.

The tax breaks are now being finalized with the finance ministry and revenue office.

Mergers are expected to be completed by the first half of 2015.

Any category 'B' firms remaining unabsorbed after March 2015 may be considered a "possible threat' to financial system stability.

The Central Bank will then issue directions to such banks or non-bank lenders to merge.

By January 01 core capital of non bank lenders will be have to be increased to 1.5 billion rupees from a billion rupees and by January 18, it will be raised to 1.5 billion rupees.

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
More Details at:

http://www.cbsl.gov.lk/pics_n_docs/02_prs/_docs/speeches/speech_20140117e.pdf

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
This will be a  task to compile. A valuable list to look out for. This should go public. FT /LBO/ LBT time to do some useful research and tell us category B.





To start :

According to definition is VFIN is  Category A now  ( anyone has different opinion) ??   LFIN definetely will be.   Interestingly though both in category A,   LFIN or  maybe SAMP  might have to gobble up VFIN still due to Group needing to have 1 Fin  company  policy right?

LOLC group with CLC and LOFC is in  same situation.

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:This will be a   task to compile.  A valuable list to look out for. This should go public. FT /LBO/ LBT time to do some useful research and tell us category B.





To start :

According to definition is VFIN is  Category A now  ( anyone has different opinion) ??   LFIN definetely will be.   Interestingly though both in category A,   LFIN or  maybe SAMP  might have to gobble up VFIN still due to Group needing to have 1 Fin  company  policy right?

LOLC group with CLC and LOFC is in  same situation.


SAMP or LFIN, VFIN won't be a burden on them.Will it be??

Richie


Senior Equity Analytic
Senior Equity Analytic
vFIn has been impressive right from the beginning Soild RoCE, PE ration,better ROA than many finance companies and looks like well managed.

As we know what would happen to CEO of Vfin in the event of a merger with lfin or samp.

Also very curious to know why CB rushing this move so quickly.

glad


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Why does CB says not to discontinue staff?

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@glad wrote:Why does CB says not to discontinue staff?

If that happens roads would be filled with protests. This is election time too.

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Any idea if the acquired firms will get delisted after being absorbed???

This is an example
For instance say if HNB decides to acquire TFC, start shooting up and HNB being hammered???

For instance if SAMP acquires PABC and LFIN aquires VFIN, not much changes will occur to share prices

For instance if COMB takes over CRL, wont CRL prices shoot up???

I am just giving examples and thinking of what can happen to the Finance sector stocks in coming months ahead!

Fresher


Moderator
Moderator
@Rapaport wrote:Any idea if the acquired firms will get delisted after being absorbed???

This is an example
For instance say if HNB decides to acquire TFC, start shooting up and HNB being hammered???

For instance if SAMP acquires PABC and LFIN aquires VFIN, not much changes will occur to share prices

For instance if COMB takes over CRL, wont CRL prices shoot up???

I am just giving examples and thinking of what can happen to the Finance sector stocks in coming months ahead!

It is safe to say that stocks trading below book value are the most attractive in this case. There are a few attractive ones which fits the criteria.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
It all depends on the acquiring price. Note when RCL acquired 25% of LFIN the price paid was Rs 150 ( over 2 times NAV). LFIN shot up but yesr RCL did not shoot much, Same with CERA acquire.


So if LFIN acquires VFIN , I think VFIN will be bought at higher price than 1 times NAV. By June VFIN NAV can be 27 or 28. .

Btw , it appears CRL might be in category A doesn't need to merge. They can acquire something .


@Rapaport wrote:Any idea if the acquired firms will get delisted after being absorbed???

This is an example
For instance say if HNB decides to acquire TFC, start shooting up and HNB being hammered???

For instance if SAMP acquires PABC and LFIN aquires VFIN, not much changes will occur to share prices

For instance if COMB takes over CRL, wont CRL prices shoot up???

I am just giving examples and thinking of what can happen to the Finance sector stocks in coming months ahead!

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Should one buy strained finance companies hoping that they will be acquired by big banks / big finance firms??

Should one buy big banks and Finance companies hoping that they will acquire well managed category B firms and boosting their business and profits in the years ahead??

Should one buy neutral firms like SAMP, PABC, LFIN, VFIN which will be merged with each other, having a similar business model, same management and less impact to their present and future?? Of course business will grow if merged

Has CBSL, CSE, SEC got checks and balances in place so that inside information doesn't leak out prior to mergers and acquisition and giving advantage to those having the leaked information and gaining on the stocks??? Knowing the CSE background, this can happen easily!!

Will some companies be forced to merge with one another creating an unhealthy alliance?? Eg for instance if NTB is forced to merge with NSB??? I think mergers and acquisitions at the moment are voluntary...

What happens to shares of merged/acquired companies?? Do they get delisted?? If so how will share holders be compensated??

Lots of things to think about. There are reasons i am having these thoughts.

Can anyone in this forum figure out firms in each category or think will fall into each category?? List will benefit all if we make a collective contribution.. Hoping to go through financial reports of some and make a list if possible

Cheers!

prasa2004


Manager - Equity Analytics
Manager - Equity Analytics
Cat A - Assets 8 bn and Cap 1bn. Based on interim statements for Sep, following are through.
LFIN-VFIN-PLC-LOFC-CLC-COCR-CDB-CRL-CFIN-ALLI-MERC-SFC-BFN. Questionable TFC as it may have failed to have good compliance and SFIN has a shortfall by 0.4m to meet assets criteria. ( I could not find the 4-5 others as slide says 19)

As for the pvt banks PABC, NTB, UBL are short of 10bn capital which needs to fulfill by 2016.

my guesses - 1) PABC will merge with LFIN thereby fulfilling Cap needs + Group issue. (PABC and SAMP, has two diverse IT platforms and latter has strong staff loyalty I cannot think PABC and SAMP will merge.

2) VFIN will gobble Cat B company and but has to grab someone with good financials (ex. TFIL-AFSL-AMW etc ) as else its share get hammered.

3) ALLI may merge with ARPI as latter main shareholder is ALLI
4) UBL with UBF (unquoted) obvious merge. Besides if foreign deal fails, need to align to a big bank (SAMP?) as capital is short
5) LOFC will gobble CLC
6) NTB may have to go for rights or to merge with NBIF with sound equity
7) CFL - may go with AMCL.
Cool will COCR acquire TFIL or AAF?
9) PLC will acquire PMB
10) HDFC is short of Cap ( need to have 5bn) and hence may merge with NSB or BOC/PB

+ PMB trading below NAV

Interesting time ahead. if we can do maths properly and come up with close guesses and bet on correct horse in advance. Slightly better to focus on Cat A companies and companies with less than NAV in Cat B for buying shares.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Very good study. Good job.

Cat A : 2 more SFCL and MBSL . There are a few more including Sampath Leasing and Factoring Ltd where I cannot find financial to confirm?

VFIN and LFIN : in same group. Per gorup there can be 1 finance company if I read it correct. So Both LFIN and VFIN cannot exist if true.

NTB : You sure they are short of capital requirement? How are you calculating the Cap requirement? Are you purely looking at Stated Capital only ?




@prasa2004 wrote:Cat A - Assets 8 bn and Cap 1bn. Based on interim statements for Sep, following are through.
LFIN-VFIN-PLC-LOFC-CLC-COCR-CDB-CRL-CFIN-ALLI-MERC-SFC-BFN. Questionable TFC as it may have failed to have good compliance and SFIN has a shortfall by 0.4m to meet assets criteria. ( I could not find the 4-5 others as slide says 19)

As for the pvt banks PABC, NTB, UBL are short of 10bn capital which needs to fulfill by 2016.

my guesses - 1) PABC will merge with LFIN thereby fulfilling Cap needs + Group issue. (PABC and SAMP, has two diverse IT platforms and latter has strong staff loyalty I cannot think PABC and SAMP will merge.  

2) VFIN will gobble Cat B company and but has to grab someone with good financials (ex. TFIL-AFSL-AMW etc ) as else its share get hammered.    

3) ALLI may merge with ARPI as latter main shareholder is ALLI
4) UBL with UBF (unquoted) obvious merge. Besides if foreign deal fails, need to align to a big bank (SAMP?) as capital is short
5) LOFC will gobble CLC
6) NTB may have to go for rights or to merge with NBIF with sound equity
7) CFL - may go with AMCL.
Cool will COCR acquire TFIL or AAF?
9) PLC will acquire PMB
10) HDFC is short of Cap ( need to have 5bn) and hence may merge with NSB or BOC/PB

+ PMB trading below NAV

Interesting time ahead. if we can do maths properly and come up with close guesses and bet on correct horse in advance. Slightly better to focus on Cat A companies and  companies with less than NAV in Cat B for buying shares.      

prasa2004


Manager - Equity Analytics
Manager - Equity Analytics
@slstock wrote:Very good study. Good job.

Cat A :  2 more  SFCL and MBSL  . There are a few more including Sampath Leasing and Factoring Ltd  where I cannot find financial to confirm?

VFIN and LFIN : in same group. Per gorup there can be 1 finance company if I read it correct. So Both LFIN and VFIN cannot exist  if  true.

NTB  : You sure they are short of capital requirement? How are you calculating the Cap requirement?  Are you purely  looking at Stated Capital only ?




@prasa2004 wrote:Cat A - Assets 8 bn and Cap 1bn. Based on interim statements for Sep, following are through.
LFIN-VFIN-PLC-LOFC-CLC-COCR-CDB-CRL-CFIN-ALLI-MERC-SFCL-BFN. Questionable TFC as it may have failed to have good compliance and SFIN has a shortfall by 0.4m to meet assets criteria. ( I could not find the 4-5 others as slide says 19)

As for the pvt banks PABC, NTB, UBL are short of 10bn capital which needs to fulfill by 2016.

my guesses - 1) PABC will merge with LFIN thereby fulfilling Cap needs + Group issue. (PABC and SAMP, has two diverse IT platforms and latter has strong staff loyalty I cannot think PABC and SAMP will merge.  

2) VFIN will gobble Cat B company and but has to grab someone with good financials (ex. TFIL-AFSL-AMW etc ) as else its share get hammered.    

3) ALLI may merge with ARPI as latter main shareholder is ALLI
4) UBL with UBF (unquoted) obvious merge. Besides if foreign deal fails, need to align to a big bank (SAMP?) as capital is short
5) LOFC will gobble CLC
6) CFL - may go with AMCL.
7) will COCR acquire TFIL or AAF?
Cool PLC will acquire PMB
9) HDFC is short of Cap ( need to have 5bn) and hence may merge with NSB or BOC/PB

+ PMB trading below NAV

Interesting time ahead. if we can do maths properly and come up with close guesses and bet on correct horse in advance. Slightly better to focus on Cat A companies and  companies with less than NAV in Cat B for buying shares.      

Hello SLSTOCK

Thank You for encouragement

For your info MBSL is not a NBFI (http://www.cbsl.gov.lk/pics_n_docs/01_home/docs/banner_2_e.pdf ) as it is a LSB. I have mentioned SFCL as SFC. (so corrected)

Among the weakest in Cat B are MFL, BLI, ORIN, SFS, SMB, CSF, ETI etc so i suppose there will be clamor to grab the better ones ( TFIL-AFSL -AMCL etc)
As for NTB you are correct as they have improved in Sep QTR so safe (I stand corrected)




Fresher


Moderator
Moderator
where does SFL stand? another one that is trading below NAV but has a high NPL ratio

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
From wut i gather, Dammika will be pushed to reduce to a single finance company and LFIN and VFIN likely merge. Absorbing VFIN will not be a big issue for LFIN and i think it can look at acquiring another Cat B firm along with VFIN..

Good work Pras!!

Cheers!

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Prasa2004.

MBSL is what is called Specialised Leasing Company ( SLC).  I don't think it is a LSB. Your list has MBSL Savings bank . It is  not MBSL.

So yes, MBSL should fall into   NBFI I believe and will be on Cat A list.

Btw, there is another valuable Fin company share people has not identified yet ( hinted on this thread also).  I  hinted elsewhere 2 weeks ago  but no one actually identified ( it is not CDB). People will chase this after it starts running.








@prasa2004 wrote:
@slstock wrote:Very good study. Good job.

Cat A :  2 more  SFCL and MBSL  . There are a few more including Sampath Leasing and Factoring Ltd  where I cannot find financial to confirm?

VFIN and LFIN : in same group. Per gorup there can be 1 finance company if I read it correct. So Both LFIN and VFIN cannot exist  if  true.

NTB  : You sure they are short of capital requirement? How are you calculating the Cap requirement?  Are you purely  looking at Stated Capital only ?




@prasa2004 wrote:Cat A - Assets 8 bn and Cap 1bn. Based on interim statements for Sep, following are through.
LFIN-VFIN-PLC-LOFC-CLC-COCR-CDB-CRL-CFIN-ALLI-MERC-SFCL-BFN. Questionable TFC as it may have failed to have good compliance and SFIN has a shortfall by 0.4m to meet assets criteria. ( I could not find the 4-5 others as slide says 19)

As for the pvt banks PABC, NTB, UBL are short of 10bn capital which needs to fulfill by 2016.

my guesses - 1) PABC will merge with LFIN thereby fulfilling Cap needs + Group issue. (PABC and SAMP, has two diverse IT platforms and latter has strong staff loyalty I cannot think PABC and SAMP will merge.  

2) VFIN will gobble Cat B company and but has to grab someone with good financials (ex. TFIL-AFSL-AMW etc ) as else its share get hammered.    

3) ALLI may merge with ARPI as latter main shareholder is ALLI
4) UBL with UBF (unquoted) obvious merge. Besides if foreign deal fails, need to align to a big bank (SAMP?) as capital is short
5) LOFC will gobble CLC
6) CFL - may go with AMCL.
7) will COCR acquire TFIL or AAF?
8)PLC will acquire PMB
9) HDFC is short of Cap ( need to have 5bn) and hence may merge with NSB or BOC/PB

+ PMB trading below NAV

Interesting time ahead. if we can do maths properly and come up with close guesses and bet on correct horse in advance. Slightly better to focus on Cat A companies and  companies with less than NAV in Cat B for buying shares.      

Hello SLSTOCK

Thank You for encouragement

For your info MBSL is not a NBFI (http://www.cbsl.gov.lk/pics_n_docs/01_home/docs/banner_2_e.pdf ) as it is a LSB. I have mentioned SFCL as SFC. (so corrected)

Among the weakest in Cat B are MFL, BLI, ORIN, SFS, SMB, CSF, ETI etc so i suppose there will be clamor to grab the better ones ( TFIL-AFSL -AMCL etc)
As for NTB you are correct as they have improved in Sep QTR so safe (I stand corrected)






Last edited by slstock on Mon Jan 20, 2014 3:59 pm; edited 3 times in total

realstock


Senior Equity Analytic
Senior Equity Analytic
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Deshodaya Development Finance Co. Ltd.
ETI Finance Ltd
George Steuart Finance PLC
Ideal Finance Ltd.
Indra Finance Ltd
Kanrich Finance Limited
L B Finance PLC
Lanka ORIX Finance PLC
Melsta Regal Finance Ltd.
Mercantile Investments & Finance PLC
MCSL Financial Services Lt
Multi Finance PLC
Nanda Investments & Finance PLC
Nation Lanka Finance PLC
Orient Finance PLC
People's Leasing & Finance PLC
People's Merchant Finance PLC
Prime Grameen Micro Finance Ltd
Richard Pieris Arpico Finance Limited
Senkadagala Finance PLC
Singer Finance (Lanka) PLC
Sinhaputhra Finance PLC
Softlogic Finance PLC
Swarnamahal Financial Services PLC
The Finance Co PLC
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Trade Finance & Investments PLC
TKS Finance Ltd
U B Finance Co. Ltd
Vallibel Finance PLC



Last edited by realstock on Mon Jan 20, 2014 7:26 am; edited 1 time in total

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Realstock Harry there is topic we already discussed this. There is no point opening another topic I am going to merge the posts.

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Who will buy GSF? trading at 450  Very Happy 

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